740 PARK AVENUE: Inside The Most Powerful Apartment Building In New York

Bing Maps/Wikipedia 740 Park Avenue is a legendary address, at one time considered (and still thought to be by some) the most luxurious and powerful residential building in New York City.

The co-op, on the corner of 71st Street and Park Avenue, has an impressive past.

Built in 1929 by the grandfather of Jacqueline Kennedy Onassis--who lived there as a child--740 Park has just 31 residences that have, over time, commanded some of the highest real estate prices in New York history.

Its roster of residents, past and present, reads like a "who's who" of New York's wealthiest and most famous citizens.

It's even the subject of a 2005 book by Michael Gross (he now runs a blog about the building).

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740 Park opened its doors in October 1930, in the heart of the depression. It remained a 'financial sinkhole' until the 1980s, when apartment prices rose astronomically.

Residents must also be willing to shell out vast sums. Average maintenance can run $10,000 a month. And in 1990 residents paid an average of $250,000 each to repair the building's facade.

Source: 740 Park: The Story Of The World's Richest Apartment Building by Michael Gross

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Who calls 740 Park home? Billionaire Blackstone founder Steve Schwarzman lives in what's considered to be the best triplex in the building. Once owned by John D. Rockefeller, Schwarzman bought it for around $30 million in 2000.

Ex-Merrill Lynch CEO John Thain also resides at 740 Park. He bought his duplex from the late philanthropist Enid Haupt in 2006 for $27.5 million.

Photos are of apartments currently for sale at 740 Park; not actual residences.

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740 Park was once home to one of the world's largest private collections of Mark Rothko works. The former owner--alleged Madoff middleman and former financier Ezra Merkin--still lives there, but the paintings don't.

In June, Bank of America tried to foreclose on real estate mogul Kent Swig and his wife, saying they had not made payments in two years.

Photos are of apartments currently for sale at 740 Park; not actual residences.

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The building's newest resident is William Lie Zeckendorf, a developer behind the only building that rivals 740 Park's status--15 Central Park West. He paid $27 million for the 17th story apartment in November.